Regular Savings Accounts: The Best Currently Available List!

bristolleedsfan

Special_Saver2 wrote: »

Hi everybody,

Here is a little update for this thread...

- Beverley BS Monthly Saver - the interest rate on this account has increased to 3.10% from 2nd January (was 2.6% before) and there will not be any cut in the interest rate at the beginning of February. Beverley BS accounts are no longer restricted to local people only. You can save £10-£1,000 per month (but you cannot change this amount for the first 6 months and any subsequent alteration has to be with the agreement of Beverley BS). There is one penalty-free withdrawal per calendar year. All other withdrawals are subject to a 30 day loss of interest on the amount withdrawn. You cannot miss any of the monthly payments if you want to get the full interest rate. I will add this account to post 2 (accounts with no maturity date) if it is competitive once all the interest rate cuts have filtered through.

-

http://www.beverleybs.co.uk/savings/monthly-saver/


"If you make all your regular monthly payments during the year to 31 December, you will receive a bonus payment of 3%, which is reflected in the interest rates quoted in our interest rate leaflet. Please note with effect from the 1st of March 2009 the bonus is reducing to 1.5%" ( This decision was taken before this weeks 0.50% Base Rate reduction)

Merlin139

DW and I went into Barclays today to close an account we were no longer using and caught site of a monthly saver account offering 6% fixed.

Earn a fixed rate of interest 6.00% AER (5.84% gross pa) if no withdrawls made.

There are no restrictions on withdrawls but if you do take any money out then you get a lower fixed rate of 3.03% AER (2.99% gross pa) in the months money is withdrawn.

Interest paid monthly.

Deposit made by standing order monthly between £25 & £250.

At the end of the 12 month term the account automatically switches to an instant access savings account that is available at that time.

chris1

Special_Saver2 wrote: »

Nottingham BS Regular Saver - 3.45%

I think this is for locals only.

Exceller8

Money Saver mary confirms that it is possible to open this account and an Abbey Super Monthly Saver at the same time.

I tried to do this and was told it was not possible to open both at the same time and had to take some sort of 3/5 year investment product. :mad: Who do i need to speak to sort this out please. Any help would be appreciated.
Thanks in advance XLR8 :hello:

Special_Saver2

Hi Folks,

XLR8, the whole point of the Abbey Super Fixed Rate Monthly Saver (see details in post 6 of this thread) is that you have to take out an investment product at the same time that makes Abbey commission. That is how they can afford to pay such a high interest rate on the Super Fixed Rate Monthly Saver (as opposed to the normal Fixed Rate Monthly Saver). I don't think very highly of the regular savings accounts that sit in post 6, I must admit.

Merlin139, that account is the same as the one already listed in post 4 of this thread.

SS2

Exceller8

Hi SS2
so in your opinion not worth it then?

The reason i asked was in the old days i think you could open a super fixed rate monthly Rs and open a normal FRMS as a regular investment product allowing you to get both that way. But now by looking at post #6 they are not allowing that. thanks for the info. XLR8

bristolleedsfan

chris1 wrote: »

I think this is for locals only.

I got one by sticking 100.00 in :

http://www.thenottingham.com/main.asp?p=1341&savingID=33

Notice : "If you do not live or work near a branch, print out an application ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"

Then after opening account I emailed Nottingham BS and said id rather save regularly could they send me a regular saver app form, which they did, I then returned application form with forest book asking for balance to be transferred into new reg saver account, Ive saved 10.00 a month since. :cool:

Special_Saver2

Hi Folks,

I have now had a chance to read the terms and conditions for the extra accounts that I had mentioned earlier.

I have updated the first page of this thread to include these accounts.

The Nottingham BS account has ended up in the "no maturity date" section. The Nottingham BS website says that this account can only be opened at a branch - they will not accept postal applications. If you live far away then I suppose you could take a day trip to Nottingham to open up this account but I don't think this interest rate is high enough to make anybody want to do that. If the interest rate were 10% gross fixed on £1,000 per month then I would have suggested an MSE Savings and Investments Forum day out / party :beer: in Nottingham!

Alternatively, you could just ring up a branch and try and convince them to post out the forms to you (which bristolleedsfan managed to do).

For the Beverley BS account (currently paying 3.1%), as bristolleedsfan has pointed out, their website now says that the bonus component of the interest rate is going to drop from 3% to 1.5% from 1st March 2009 which might leave the account paying just 1.6% and the terms and conditions say that you cannot decrease the amount you are paying into the account for 6 months! How terrible! I have removed it from my list now!

The Mansfield BS account has a handy feature - it guarantees to pay at least 3% interest (see post 2 for details) which very soon will seem like a rather attractive rate on a variable rate account which allows two penalty-free withdrawals per year. (Actually, it guarantees to pay 3% + the rate on their Prime Access account which is currently 0.25% but obviously that could drop to next to nothing.)


XLR8, unfortunately Abbey changed the rules on their "Super" regular savers a while ago so that the only way to open one is to take out a proper investment product. I am not interested in taking out any investment products with Abbey so for me it is not worth it.

SS2

steveteach

Hi

I can confirm that you can have several Principality Regular Saver Bonds running at the same time.

I now have one for issue 5 (7%), one for issue 6 (6%) and one for issue 7 (5%).

Also Abbey never did open my paper based application for their Regular Saver Issue 8, they lost the paperwork!

Yoshua

Any one on here know about the Britannia Home Save account? As all the other similar accounts the rate has gone right down and I would prefer the cash out of there. I can withdraw for a penalty, or if I apply for mortgage and it doesnt get accepted I can close the account for free

I have had a Britannia Home Save account for almost 6 months now. I understand I have to wait 6 months before my mortgage application.

Can I start my mortgage application before then?
Whats the fastest way to proceed?
Thank you